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Dec 6, 2012
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that'll be a problem for our economy. people will not be engaged unless they have clarity in this thing. i have more faith in this institution. after the end of the day, you do the right thing. if you look at the history of this body, it roughly comes up with the right answer. we have not dealt with the debt ceiling since the beginning of this country. i think we are very capable and we can do it. >> i will respond by saying that we have been trying to deal with our cascading debt and deficit for decades. i would say that we have been far short of doing the right wing -- right thing to look for a healthy fiscal future. >> thank you, senator. >> i agree that we usually do the right thing but only after we try everything else. the time has come. i see this as a scary time. we need to protect our fragile economy, but it is also an opportunity to move forward. i first question is based on your predictions -- what do you think the timeframe is for possible further downgrades from the crater agencies -- credit reating agencies?
that'll be a problem for our economy. people will not be engaged unless they have clarity in this thing. i have more faith in this institution. after the end of the day, you do the right thing. if you look at the history of this body, it roughly comes up with the right answer. we have not dealt with the debt ceiling since the beginning of this country. i think we are very capable and we can do it. >> i will respond by saying that we have been trying to deal with our cascading debt and...
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Dec 7, 2012
12/12
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, and in fact it hurts the economy? >> that's right. you can go back and look at the writings of others, who would have opposed president obama's approach. it was identified early on that business cycles, recessions and recoveries tend to be driven by investment. consumers are pretty steady, but investment can be wildly fluctuating. it can go way down and way ut. so his view of stabilization policy was to try to stabilize investment and not to focus on consumption. one reason why we have had such a disappointing recovery, we haven't addressed why investment is so weak. we are an unattractive place to invest right now. >> some would say why don't you accept the higher tax rate? it doesn't help the economy. it hurts it. it is a serious proposal. i have always disagreed with some of your issues, but i think you are right that there are things holding down the debt ratio. are we acting to find a sustainable path forward on them. that will be more important than in fact number on discretionary spending or tax cuts themselves
, and in fact it hurts the economy? >> that's right. you can go back and look at the writings of others, who would have opposed president obama's approach. it was identified early on that business cycles, recessions and recoveries tend to be driven by investment. consumers are pretty steady, but investment can be wildly fluctuating. it can go way down and way ut. so his view of stabilization policy was to try to stabilize investment and not to focus on consumption. one reason why we have...
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Dec 6, 2012
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this will only hurt our economy. ernst and young has done an analysis of the president's proposal and said it will cost several hundreds thousands of jobs. there is a better way and the speaker has laid it out. it is an approach that calls for tax reform by reforming the tax code and passing responsible spending cuts in order to get our fiscal house in order. that's what america wants. this is our opportunity to do the big things. this is our moment to provide that leadership that america desperately wants and we stand here ready to take the action necessary. >> the american people are hurting right now and now is the moment where we need to step up to the plate and solve the problem. i don't know how any of us can look our kids and grandkids in the eye and explain to them that we aren't willing to pay for the things we are enjoying today but just going to send them the bill. that's why republicans have the proposal on the table that fixes the problem, puts us on the course to solve the problem, which is the out-of-c
this will only hurt our economy. ernst and young has done an analysis of the president's proposal and said it will cost several hundreds thousands of jobs. there is a better way and the speaker has laid it out. it is an approach that calls for tax reform by reforming the tax code and passing responsible spending cuts in order to get our fiscal house in order. that's what america wants. this is our opportunity to do the big things. this is our moment to provide that leadership that america...
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Dec 5, 2012
12/12
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in our economy. i have confidence in the sense of responsibility all of our colleagues have to our country, that we'll be able to reach an agreement. and again, not to make it a too complicated -- a good first step would be to pass the middle income tax cut. >> before mr. crowley speaks, obviously from new york. first of all, we need to pass the supplemental. the people of the northeast, luckily maryland was somewhat spared on this. but the people of new jersey, the people of new york, the people of connecticut in particular, others as well, have sustained a very, very damaging blow both corporately and individually. we need to act on that. historically supplementals are not paid for, are passed so that we can meet the immediate need. mr. crowley will speak to that. but let me say this. the answer to your question is it's part of the math. if we're going to put our country on a fiscally sustainable path, we're going to have to consider all the expenditures we made, whether we paid for them initially
in our economy. i have confidence in the sense of responsibility all of our colleagues have to our country, that we'll be able to reach an agreement. and again, not to make it a too complicated -- a good first step would be to pass the middle income tax cut. >> before mr. crowley speaks, obviously from new york. first of all, we need to pass the supplemental. the people of the northeast, luckily maryland was somewhat spared on this. but the people of new jersey, the people of new york,...
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Dec 4, 2012
12/12
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economy, in the u.s. society, that really extended far beyond just the patients who that program covers. mr. garamendi: there certainly is a series of things we know we can do to reduce the cost of medicare. some of those are already in place. they've been brought forward by the affordable care act. others are yet to be done. the prescription drug issue is out there. enormous savings, i think $160 billion, $150 billion right there over a 10-year period. the fraud in the system, some of that was dealt with with the affordable care act but there's much more that can be done. there are fraudulent billings for durable medical equipment as well as other kinds of services that are provided. those need to be addressed. the systems that are being put in place, that is moving away from fee for service, will significantly -- we'll significantly address that. and in the area of hospitalization, again, there are programs that are viable, that are not yet implemented, that are not part of the savings that have already
economy, in the u.s. society, that really extended far beyond just the patients who that program covers. mr. garamendi: there certainly is a series of things we know we can do to reduce the cost of medicare. some of those are already in place. they've been brought forward by the affordable care act. others are yet to be done. the prescription drug issue is out there. enormous savings, i think $160 billion, $150 billion right there over a 10-year period. the fraud in the system, some of that was...
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Nov 29, 2012
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the american economy is on the line. this is a moment for adult leadership. campaign-style or allies is not aid -- campaign-style rally is not the way to get things done in washington. a discussion with the treasury secretary was frank and direct. we hope to see a specific plan for cutting spending. we sought to find out but the president is unwilling to do. i remain hopeful that productive conversations can be had in the days ahead. but the white house has to get serious. yesterday the leadership team met with erskine bowles and business leaders about averting the fiscal cliff and achieving an approach the white house says it wants. i made clear that we put real concessions on the line by putting revenues on the table right up front. unfortunately, many democrats continue to rule out spending cuts that must be part of any significant agreement will reduce our deficit. mr. bowles himself said yesterday there has been no serious discussion so far. there is a real danger of going off the fiscal cliff. going off the fiscal cliff will hurt our economy. it will co
the american economy is on the line. this is a moment for adult leadership. campaign-style or allies is not aid -- campaign-style rally is not the way to get things done in washington. a discussion with the treasury secretary was frank and direct. we hope to see a specific plan for cutting spending. we sought to find out but the president is unwilling to do. i remain hopeful that productive conversations can be had in the days ahead. but the white house has to get serious. yesterday the...
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Dec 6, 2012
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s counter cyclical support, and i quote, the housing market would have quit taking the economy with it. providing the backstop for mortgage credit when public services flee from the market has a cost. the losses at f.h.a. to stem from the new now prohibited down payment program, heavy losses in the first mortgage program, and losses -- loans made at the height of the crisis to prevent a collapse of the housing market. while they have already taken action to pretext the financial mortgage fund for single family loans from seeking federal funds, the f.y. 2012 report suggests that much more needs to be done to prevent such a draw. i want to hear more today about the administration's actions and proposals to minimize the risk to taxpayers stemming from their business and what safeguards are in place to ensure the quality and sustainability of the program. if the administration's actions and proposals will not be sufficient to restore f.h.a.'s fiscal health, i'm inclined to work with my colleagues on both sides of the aisle on the banking committee to find a bipartisan way to make shoo -- t
s counter cyclical support, and i quote, the housing market would have quit taking the economy with it. providing the backstop for mortgage credit when public services flee from the market has a cost. the losses at f.h.a. to stem from the new now prohibited down payment program, heavy losses in the first mortgage program, and losses -- loans made at the height of the crisis to prevent a collapse of the housing market. while they have already taken action to pretext the financial mortgage fund...
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Nov 30, 2012
11/12
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economy to its knees. this chart, mr. speaker, shows the bottom income earners. there on the end is the top 1%, mr. speaker. who benefits from loopholes in the tax code? i'm flat tax guy. i mean the national retail sales tax. it's call the fair tax that deals with a payroll tax, inequities, on and on, it turns our tax code on its head and puts our economy on hyperdrive. it's so popularly co-sponsored tax plan in this united states house of representatives. i hope we're going to get a vote on it next year. mr. speaker, what it does is eliminates all the deductions and exemptions, all the special lobbyist included benefits, all the special benefits whoever is favored by an administration in order ocreate one flat and fair system for the country. now if you make more money of course you pay more in taxes. you have less money you pay less. but the president is committed, and we heard it again today, to raising tax rates on family-owned businesses. . not ensuring they pay more taxes, mind you, important distinc
economy to its knees. this chart, mr. speaker, shows the bottom income earners. there on the end is the top 1%, mr. speaker. who benefits from loopholes in the tax code? i'm flat tax guy. i mean the national retail sales tax. it's call the fair tax that deals with a payroll tax, inequities, on and on, it turns our tax code on its head and puts our economy on hyperdrive. it's so popularly co-sponsored tax plan in this united states house of representatives. i hope we're going to get a vote on it...
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Dec 6, 2012
12/12
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we need to do it in a smart way that keeps our economy growing. earlier this year, congress extended the payroll tax cut through 2012. the two percentage point payroll tax cut has played an important role to sustain the recovery. boosting economic growth by an estimated 0.5% of one percentage point, and creating 400,000 jobs. we should continue the payroll tax cut through 2013, and yesterday i introduce legislation that would keep the employee payroll tax at 4.2% next year. to keep the economy growing -- there is good evidence of that in the last couple of months? job growth of about 511,000. to keep that momentum going, we should alwaprovide tax credits o small businesses. my legislation includes such an incentive for small businesses to grow. i am confident that congress will again be successful in reaching a compromise in the days ahead. i look forward to hearing today from the experts that we have before us today on how to reduce the deficit while protecting middle income families. as we enter the holiday season,
we need to do it in a smart way that keeps our economy growing. earlier this year, congress extended the payroll tax cut through 2012. the two percentage point payroll tax cut has played an important role to sustain the recovery. boosting economic growth by an estimated 0.5% of one percentage point, and creating 400,000 jobs. we should continue the payroll tax cut through 2013, and yesterday i introduce legislation that would keep the employee payroll tax at 4.2% next year. to keep the economy...
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Dec 5, 2012
12/12
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we're going to grow, not slow the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. >> ok. i'm going to take a moment to try to talk and we'll see if it works. i don't know if other people are here. but i actually think that what we just saw is a true reflection of how hard what we're trying to do is. i'm really disappointed that when we're trying to create a forum to have discussion we can't have everybody stay like they were invited to come and actually have this real discussion. because there are real issues that everybody knows about how we're going to try to fix these problems. on revenue, on social security, on medicare, on spending, on defense. and there are going to be different opinions about how we do it and the truth is they're going to be really hard choices and people are not going to be able to all have everything they want as we work as
we're going to grow, not slow the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. we're going to grow, not slow, the economy. >> ok. i'm going to take a moment to try to talk and we'll see if it works. i don't know if other people are here. but i actually think that what we just saw is a true reflection of how...
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Nov 29, 2012
11/12
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even as our economy tanked. by contrast, the bill we are debating today does not include wage protections and does not adequately ensure that american workers are protected. equally important is that h.r. 6412 preserves the diversity visa program, ensuring equally opportunity to work in our great land. democrats and republicans alike have forwarded great wisdom towards this issue. now is the time to cooperate with one another and craft a truly bipartisan approach to immigration reform that provides for equality of opportunity for all of those who seek the benefit of u.s. citizenship. thank you. the speaker pro tempore: the gentleman's time has expired. the gentleman from florida. mr. nugent: continue to reserve. the speaker pro tempore: the gentleman from florida reserves his time. the gentleman from colorado. mr. polis: thank you. it's my honor to yield 2 1/2 minutes to the gentleman from oregon, mr. blumenauer. the speaker pro tempore: the gentleman from oregon is recognized for 2 1/2 minutes. mr. blumenauer:
even as our economy tanked. by contrast, the bill we are debating today does not include wage protections and does not adequately ensure that american workers are protected. equally important is that h.r. 6412 preserves the diversity visa program, ensuring equally opportunity to work in our great land. democrats and republicans alike have forwarded great wisdom towards this issue. now is the time to cooperate with one another and craft a truly bipartisan approach to immigration reform that...
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Dec 5, 2012
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and tax revenue as a share of our economy. mr. speaker, what you see on the chart with the green line is historical tax revenue. and what you see is going back to world war ii, going back to the mid 1940's, that it really has not mattered in the history of this nation whether the top tax rate was 90%, as it was before the kennedy years, or 70% as it was at the beginning of the kennedy years, or 28% as it was in the reagan years. it really has not mattered what the top bracket is. all americans are willing to give to government is about 18% of g.d.p. it turns out, mr. speaker, this will be no surprise to you, turns out americans are pretty smart. and if what you decide as the federal government is we're going to tax this behavior, well, americans start engaging in this other behavior instead. if what you say is no, i'm going to tax that behavior, they say, that's ok, i'll go do this instead. americans are pretty smart. and they change their behavior to maximize the benefit for their doctor -- themselves, their families and thei
and tax revenue as a share of our economy. mr. speaker, what you see on the chart with the green line is historical tax revenue. and what you see is going back to world war ii, going back to the mid 1940's, that it really has not mattered in the history of this nation whether the top tax rate was 90%, as it was before the kennedy years, or 70% as it was at the beginning of the kennedy years, or 28% as it was in the reagan years. it really has not mattered what the top bracket is. all americans...
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Nov 30, 2012
11/12
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i do not mind helping the palestinian people who have many challenges to get a good economy and a rule of law nation established on the west bank. but i cannot along with my colleagues in good conscience send $1 billion to an organization who is trying to use the political will of the united nations and the international criminal court to undermine the last, best chance for peace. being a military person myself, i will not sit on the sidelines and use american dollars in a situation where the palestinians can make every idf member a war criminal simply by defending the sovereignty of the state of israel. in the last conflict, there were over 1000 rockets fired into israel. to the american people, what would we do with one rocket hit american soil? not only has the israeli military been measured, you have to romer -- remember they left gaza. hamas is a terrorist organization and now last best partner in the peace process has but the american people and congress in an untenable situation by going around the process, petitioning the united nations to set up the international criminal cour
i do not mind helping the palestinian people who have many challenges to get a good economy and a rule of law nation established on the west bank. but i cannot along with my colleagues in good conscience send $1 billion to an organization who is trying to use the political will of the united nations and the international criminal court to undermine the last, best chance for peace. being a military person myself, i will not sit on the sidelines and use american dollars in a situation where the...
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Dec 2, 2012
12/12
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i travel the world working to help people everywhere take part in the global economy, and we never lose sight of the fact that iranians deserve this no less than any other people. america's goal is to change the iranian leadership's calculus. we have worked with the p-5 plus 1 to put a credible offer on the table. if there is a viable diplomatic deal to be had, we will pursue it. and should iran finally be ready to engage in serious negotiations, we are ready. when iran is prepared to take confidence-building measures that are verifiable, we are prepared to reciprocate. what we will not do is talk indefinitely. the window for negotiation will not stay open forever. president obama has made that clear, and by now i think it should be clear this is a president who does not bluff. he says what he means, and he means what he says. the second shared goal i want to discuss is this -- now that rocket fire from gaza has stopped, america and israel have to work together with partners in the region to turn the ceasefire into a lasting calm. now, we have no illusions about those who launched the r
i travel the world working to help people everywhere take part in the global economy, and we never lose sight of the fact that iranians deserve this no less than any other people. america's goal is to change the iranian leadership's calculus. we have worked with the p-5 plus 1 to put a credible offer on the table. if there is a viable diplomatic deal to be had, we will pursue it. and should iran finally be ready to engage in serious negotiations, we are ready. when iran is prepared to take...